USD/JPY overview for August 04, 2015

4 August, 2015

General overview

The statistics in Japan showed that the retail sales have fallen for the third time this year -by 0.8% in June after the January and March decline. Analysts had forecasted decrease on average by 0.9%. The consumer spending weakness increases the risks for the Japanese economy, the manufacturing sector is experiencing hard times, taking into the exports weakness.

The upward trend within the Japanese yen has stopped for a short time at the resistance level of 124.30.

The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50.

There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is correcting.

Trading recommendations

The potential growth targets are the resistance levels: 124.30, 125.50.

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